Customer Perception of the Quality of Online Banking Services (with Special Reference to SBI and ICICI): A Study on Chaos and a Complexity Perspective

Abstract

Digitization has been introduced as a modern approach to globalization in this new era. It has a revolutionary impact on global, social, and economic aspects. With the same vision, India has taken part in this journey to transform India into a digitally empowered society. The present study aimed to find out customer perceptions of online/digital banking services provided by the State Bank of India (SBI; a public sector bank) and the Industrial Credit and Investment Corporation of India (ICICI; a private sector bank). The study focused mainly on the aspects of understanding, relationships, and customer values. It also illustrated game-changing strategies used by the banks to handle the current chaotic situation, which occurred due to a certain change in the existing conventional schema and the interference of complexity and chaos theory in a customer service satisfaction study. Here, five dimensions were considered for fulfillment of the study: reliability, empathy, responsiveness, securities and services, and assurance. Primary data were collected in prestructured questionnaires from 200 respondents of different ages, genders, professions, and incomes through e-mail, a field survey, personal contacts, and social media. This study showed the factors involved in customer ratings of SBI and ICICI, various challenges faced by consumers in different segments, acceptance of digital banking among consumers, and diverse challenges faced by banks in implementing a digitally based banking system.